Editor's Note: Dan Kennedy is New England's preeminent media columnist. His column is a daily "must-read" for news-junkies.
The Fox Street Journal
So Rupert Murdoch wants to buy the Wall Street Journal. This might prove to be as futile as Jack Welch's bid to buy the Boston Globe from the New York Times Co.: the Bancroft family, which controls Dow Jones, the Journal's parent company, is reportedly opposed. But this certainly raises some questions, doesn't it? Here are a few:
And here's some completely unfounded speculation. Dow Jones stock has underperformed for years, and at least some factions of the Bancroft family have reportedly pushed for a sale from time to time.
It's possible that the moment for that sale has arrived, and that previous talks involving the Times Co. and the Washington Post Co. will be revived. Murdoch may have offered such a huge premium in order to get something done quickly and pre-empt other buyers. But given the Bancrofts' initial reaction, he may already have failed.
Read the rest of Dan Kennedy's Media Nation here.